Concept
Exchange value
Overview
attribute of a commodity
Overview adapted from Wikipedia (CC BY-SA 4.0; see the article history for authors).
In the original texts
Passages from public-domain books where Exchange value is discussed.
Every commodity, as the embodiment of universal labor-time, i. e., as a certain quantity of universal labor-time, expresses in turn its exchange value in definite quantities of the use-values of all other commodities, and the exchange values of all the other commodities are, on the other hand, measured by the use-value of this one exclusive commodity. But as an exchange value, every commodity is at the same time the…
Karl Marx, A Contribution to the Critique of Political Economy
names the idea; states what it is; author linked in the graph; opens on it
So far as U is concerned, here also, as in case (2), exchange value might mount upward to almost any height, but it can go no higher than D permits. In commodities of this class, affected by the law of diminishing returns, the tendency is for D to increase, and so for exchange value to rise, as indicated by the dotted lines above that of the exchange value.
John Stuart Mill, Principles of Political Economy
names the idea; opens on it
In other words value as it exists to-day is a monopoly price. If all wares have this monopoly price, as according to this theory, only two things are possible. Either every buyer, as buyer, loses what he made as seller, for prices have only changed their names, they are really the same, everything remains as it was and the much talked of exchange value is merely imaginary, or the imposed cost represents real values…
Friedrich Engels, Landmarks of Scientific Socialism
states what it is; names the idea
We have held that the individual's attitude toward a commodity is in the first instance one of putting a price-estimate upon it and only secondarily that of holding it in a provisionally settled marginal esteem. If this principle of the priority of price-estimation or exchange value is true, it seems evident that there can be no line of demarcation drawn (except for doubtfully expedient pedagogical purposes) between…
John Dewey, Creative Intelligence
states what it is; names the idea
Chapter I. Of Value. § 1. Definitions of Value in Use, Exchange Value, and Price. § 2. Conditions of Value: Utility, Difficulty of Attainment, and Transferableness. § 3. Commodities limited in Quantity by the law of Demand and Supply: General working of this Law. § 4. Miscellaneous Cases falling under this Law. § 5. Commodities which are Susceptible of Indefinite Multiplication without Increase of Cost. Law of their…
John Stuart Mill, Index of the Project Gutenberg Works of John Stuart Mill
opens on it; names the idea
Philosophers who discussed Exchange value
Related ideas
- Karl Marx
- Price
- Surplus product
- Neoclassical economics
- Law of value
- Semantics
- Aristotle
- Western Europe
- Relations of production
- Surplus value
- Marxian economics
- Utility
- Political economy
- Commodification
- Proportionality (mathematics)
- David Ricardo
- Division of labour
Place in the tradition
Part of Communism.